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Solve the Problem. Round to the Nearest Cent

Question 50

Multiple Choice

Solve the problem. Round to the nearest cent.
-Joe wants to start an SEP-IRA that will have $460,000 in it when he retires in 15 years. How much should he invest semiannually in his IRA to do this if the interest is 15% compounded semiannually?


A) $44.35.77
B) $17,612.13
C) $4790.74
D) $4448.77

Correct Answer:

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